Bonnie Jo Purchased a Used Camera (Five-Year Property)for Use in Her

question 109

Multiple Choice

Bonnie Jo purchased a used camera (five-year property) for use in her sole proprietorship. The basis of the camera was $3,600. Bonnie Jo used the camera in her business 70 percent of the time and used it for personal purposes the rest of the time during the first year. Calculate Bonnie Jo's depreciation deduction during the first year, assuming the sole proprietorship had a loss during the year. (Bonnie did not place the property in service in the last quarter.) (Use MACRS Table 1.)

• A)$360
• B)$504
• C)$720
• D)$3,600
• E)None of the choices are correct.

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Definitions:

Fahrenheit

A scale for measuring temperature where water freezes at 32 degrees and boils at 212 degrees under standard conditions.

Body Temperature

The measure of the body's warmth or heat, usually indicating the state of metabolic processes.

Fahrenheit

A scale of temperature on which water freezes at 32 degrees and boils at 212 degrees under standard conditions.

Sterilizing (Autoclave)

A process using an autoclave to apply high-pressure steam at high temperatures to sterilize equipment, effectively killing all microorganisms.